This article first appeared in March’s print edition of Business Monthly. Robust frameworks to protect innovators’ ideas have a “vital role in growing the economies of developed and developing countries,” said a report from the International Chamber of Commerce, an industry body. It “spurs innovation [by] giving large and small firms a range of tools to help drive their success.” Egypt has long underperformed in that respect. The country’s rank in the International Property Rights Index decreased from 70 (of 129 nations) in the 2022 report to 88 (of 125 nations) in 2023. It also performed poorly in MENA, ranking…
Author: Tamer Hafez
This article first appeared in March’s print edition of Business Monthly. Africa is witnessing unprecedented long-term economic complications as three global crises coincide, threatening the GDP growth outlooks and the continent’s countries under significant economic pressure. Climate change will be a constant factor, disrupting food supplies and raising prices. Meanwhile, foreign currency inflows to the continent are declining as inflation increases and other metrics turn negative. The third crisis is that governments and central banks are maintaining loose monetary policies and allowing fiscal deficits to widen to stave off recession, as they can’t afford to enter a recession. “I call…
This article first appeared in March’s print edition of Business Monthly. The 2024 U.S. elections could be a watershed moment for America, its allies and rivals, and countries that want to retain a balanced relationship between East and West. “The president chosen in 2024 will … be in charge in the moment of maximum danger,” John Prideaux, U.S. editor for The Economist, wrote in the World Ahead issue published in November. MENA is one region whose economic policies will likely change in response to the next U.S. president’s actions. It is already strengthening economic ties with nations that don’t see eye-to-eye with…
This article first appeared in March’s print edition of Business Monthly. With over a quarter of the population classified as Gen-Z (born between 1997 and 2012), according to data aggregator Statistica, Egypt’s corporate life is primed for inevitable change. “‘Boomers and Gen X [born between 1946 and 1980] have the mentality of: ‘If you work really hard, you’ll get a great lifestyle in return,'” Harriet Minter, the author of “WFH (Work from Home): How to Build a Career You Love When You’re Not in the Office,” told Metro, a UK publication, in February. However, “for the younger workforce, the [increasing]…
This article first appeared in February’s print edition of Business Monthly. In the coming years, Egypt urgently needs to significantly boost investments to increase internet speeds and reliability. Speedtest Global Index, a portal ranking internet speeds worldwide, said that with no improvement in mobile internet speeds for the year ending in November, Egypt fell five places to rank 109th out of 146 countries. For fixed landlines, internet speeds increased a whopping 40.46% over the same period, yet the country’s rank improved by only six places to 77th out of 178. Shifting from 4G to 5G networks is essential to achieve…
This Q&A first appeared in February’s print edition of Business Monthly. What role do personal digital devices play in digital transformation? Personal digital devices, including mobile phones, tablets, wearable devices, PCs and laptops, are crucial to the Egyptian government’s ambitious drive to digitize the economy. Mobile phones and tablets provide ubiquitous access to digital services, ensuring citizens can seamlessly interact with government initiatives. These devices facilitate connectivity and communication, fostering real-time exchanges between government entities, businesses and citizens. Digital wallets and banking apps on mobile phones and wearables contribute to adopting cashless transactions, aligning with the government’s objective of financial…
This article first appeared in February’s print edition of Business Monthly. In 2023, power outages for two hours were, for the first time, a fact of life in Egypt beyond the summer months when air conditioner use drops. In December, Asharq Business, Bloomberg’s Arabic news portal, reported that load shedding would continue until March due to a decrease in fuel for generators. Integrating artificial intelligence (AI) into the national power grid could significantly reduce those blackouts. “AI holds promise … for optimizing energy generation, distribution and consumption,” FDM Group, a UK-based consultancy, said in September, AI is also increasingly essential…
Waste and carbon emissions have long been the top byproducts of increased human and economic activity. That is particularly evident in low- and middle-income countries whose GDPs grow significantly faster than advanced nations. According to a McKinsey Global Institute report, “Emerging economies accounted for almost two-thirds of the world’s GDP growth and more than half of new consumption” from 2003 to 2018. That disparity is expected to continue. An Economist Intelligence Unit report published in October 2022 projected real GDP growth would remain stronger in emerging markets than in developed economies until 2026. Such growth means more waste and harmful…
Artificial Intelligence (AI) is quickly becoming an indispensable tool powering (and changing) how governments work and offer services. “The transformative potential of AI is undeniable, with governments worldwide acknowledging its impact,” said Oxford Insights’ Government AI Readiness Index 2023 report published in December. “Governments are not only working to regulate AI and foster AI innovation, but also striving to integrate this technology into public services.” Egypt is a regional AI trailblazer, founding the National Council for Artificial Intelligence in November 2019 and publishing its AI strategy in July 2021. Phase two should start in May and end in May 2027.…
The Russia-Ukraine war has put the spotlight on a growing global food security problem. “The conflict quickly sparked fears of a global food crisis,” said a book published in 2023 by the International Food Policy Research Institute (IFPRI). “Food prices were already high in the wake of the COVID-19 pandemic, and many countries were facing serious food insecurity.” The crisis comes amid worries that conventional agricultural practices are unsustainable. “In recent years, there has been a growing concern about the impact of conventional farming practices,” Emerging India Analytics, a think tank, noted in a September research paper. “Excessive use of…